These are specialized loans designed keeping in mind the needs of chartered accountant professionals. Needless to say, they come with their own set of advantages for the borrower. So, if you are serving a chartered accountant loan for purchasing new home or to renovate your home, there are few things you must bear in mind to never fault your repayment.
Maintain a good credit score
Yes, it’s true but you do not have to be scared of it. All it means is that pay dues on time whether it credit card payments, bills or any loan repayments. Try to never fault a payment and if you can pay up in advance and in full it would really help to lift up your score. However, if your score is below 750 it might take time for score to jump to ‘good’ but it will be worth the effort. I recommend this because a good score will help you win the trust of your lenders. You can negotiate loan amount and interest rates with them. Leading to a solution where everyone benefits.
Manage your repayments
Well, it is good to pay your repayments on time, it is even better to increase the amount by at least 5%. A small percentage increase will benefit you in two ways – firstly you would be able to pay off the loan faster. Secondly, your credit score will improve owing to extra payments made and paying off the loan soon.
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